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Pounds to Euros Exchange Rate - GBP EUR Down 0.26% as Euro Crisis Worsens

December 1, 2011 - Written by Tim Boyer

The Pound Euro exchange rate GBP EUR is trading at 1.16528, down 0.28%. The Pound Dollar exchange rate GBP USD is trading at 1.56987, down 0.04%.
The Pound Australian Dollar exchange rate GBP AUD is trading at 1.53271, up 0.06%. The Pound New Zealand Dollar currency rate GBP NZD is trading at 2.01238, down 0.19%.
The Euro Dollar rate EUR USD is trading at 1.34724, up 0.22%.

The Euro has been stronger today, mainly due to the successful sale of Spanish debts at the Spanish bond auction. Spain sold 3.75 billion euros of notes.

However, the future of the euro remains uncertain. Yesterday Olli Rehn, EU economic and monetary affairs commissioner, warned of a 10 day deadline to the save the euro.
The alternative could potentially the breakup of the eurozone and create serious issues for the Uk economy.

Today, the Bank of England released its Financial Stability Report in which it calls the environment "exceptionally threatening". Bank of England Governor Mervyn King
said that the coordinated central bank action was only temporary relief and confirmed the BoE had contingency plans in case of a breakup of the Eurozone.

This evening, French President Nicolas Sarkozy gave a major speech in Toulon, in which he said that the euro could not continue to exist unless eurozone economies
pulled together. He said that he would meet with German Chancellor Angela Merkel on monday to discuss steps to ensure the euro is saved.

For currency exchange, live exchange rates today and a full currency converter please see the Currency News website.
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